Mark Cuban Slams OpenSea’s Optional NFT Royalties: HUGE MISTAKE
• Rep. Maxine Waters criticized PayPal’s stablecoin and demanded it to be regulated like financial institutions.
• The SEC v. Ripple Labs jury trial will be set for Q2 2024.
• Mark Cuban slammed OpenSea’s optional NFT royalties, claiming it would hurt the industry and diminish trust.
Rep. Maxine Waters Criticizes PayPal’s Stablecoin
Rep. Maxine Waters has called for stricter regulation of PayPal’s new stablecoin, demanding that it falls in line with other financial institutions. This comes as the SEC sets a jury trial date for its case against Ripple Labs in Q2 2024 and Coinbase launches its Ethereum layer-2 chain Base to the public.
Federal Reserve Requires Written Non-Objection from Central Bank
The Federal Reserve requires state banks to obtain written non-objection from the central bank before engaging with any stablecoins on their platforms. Bitstamp is also halting U.S trading of seven tokens identified as securities by the SEC in Coinbase and Binance cases.
Mark Cuban Slams OpenSea’s Optional NFT Royalties
Billionaire investor Mark Cuban has expressed his disapproval at OpenSea’s decision to make payment of royalties on non-fungible tokens (NFT) optional, describing it as a „HUGE MISTAKE“. Usually creators receive royalties with every sale of their assets on platforms like OpenSea, capped at 10%, although some marketplaces allow them to choose their own royalty model instead.
OpenSea Will Stop Enforcing Creator Royalties
Due to Cuban’s criticism, OpenSea have stated they will stop enforcing creator royalty fees on secondary sales by the end of this month. However, this could potentially affect trust within the industry if creators are not receiving fair compensation for their work when their assets are resold without permission or knowledge of such transactions taking place .
It is clear that there needs to be more regulation surrounding both stablecoins and NFTs in order to ensure fairness across all parties involved and prevent misuse of these technologies going forward .